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Frequently Asked Questions

Why is it important to get a Preapproval letter before shopping for a home?

Your Preapproval letter shows real estate agents and sellers that you’re a serious buyer. It is customary for your Preapproval letter to be attached to any offer you submit. Once issued, you’re able to customize your Preapproval letter to include a specific dollar amount and the property address through your Paddio online account.

What can I do to help my loan close on time?

It’s important to check your Paddio online account regularly and complete all tasks as quickly as possible. Contact your loan officer right away if you expect a change in your employer, hours worked or salary/hourly rate. Avoid taking on additional debt such as opening a new credit card, purchasing a vehicle, or putting furniture on a payment plan until after your home has closed.

What mortgage is right for me?

Explain your goals to your loan officer. They can advise which loan product fits your needs the best. You can also do your own individual research.

Why do I have to provide more documents after I’ve been Preapproved?

Once you’re under contract, it’s normal for underwriters to ask your loan team for additional documentation. Their job is to clearly report that the borrower and home meet all guidelines. It is usually much more in-depth than your Preapproval. When a task requires additional documentation or clarification, it will be updated on your to-do list within your Paddio online account.

Why is a credit check required?

Credit reports not only show lenders what payments you’re already responsible for, but also show your ability to repay debt on time. Simply put, your credit score is a risk indicator, and utilizes the information to make sure we can fulfill the loan approval requirements.

Should I refinance?

There are four common goals accomplished with refinancing – reduce your interest rate, lower monthly payments, pay the mortgage off quicker, and utilize the equity in your home. Connect with one of our loan officers and we’ll discuss whether it makes sense.